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Tesla Model 3 Insurance Cost


John Howard

August 30, 2021

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Tesla Model 3 Insurance Cost

Tesla Model 3 insurance costs on average $243.37 per month — or $2,921.64 per year. However, your real prices will vary depending on your driving history, car model, and region.

How do I compare insurance for the Tesla Model 3?

Tesla Model 3 Insurance Cost - Tesla Logo

Consider the following considerations while looking for an insurer:

  • Price. Consider the following considerations while looking for an insurer:
  • Additional coverage. You may require more coverage than the least required by your state for your Tesla. Given the higher repair costs associated with Teslas, you may wish to opt for collision coverage. Additionally, if you reside in a high-crime region or a town at risk of storms or rock slides, full coverage may be prudent.
  • Extras. If you want to add extras like accident forgiveness and vanishing deductibles to your insurance, seek a company that offers these features.
  • Restrictions. Each provider has its own restrictions. Conduct research on them now to avoid coverage gaps, rejected claims, and other unpleasant shocks later. Not every insurance will cover a Tesla, even if it is this entry-level model.
  • Manufacturer offer or loyalty discount. Tesla is well-known for offering showroom discounts and referral discounts that rise with each qualified referral.
  • Warranty. The Model 3 is covered by a four-year, 50,000-mile new car limited warranty, whichever comes first. Tesla also offers an eight-year or 100,000-mile warranty on vehicles equipped with the regular battery, as well as an eight-year or 120,000-mile warranty on vehicles equipped with the long-range battery. The warranty covers basic towing up to 500 miles for warranty-covered items and up to 50 miles for flat tires to the nearest Tesla repair center.

Driver factors

Providers are also concerned with the driver. They evaluate your driving history, including any infractions, accidents, and claims, when calculating your premium. If you have a clean driving record or have not committed any serious infractions in the past three to five years, you may qualify for a lower premium. Additionally, insurers will consider your credit history, your residence, and who else will be driving the automobile.

Does the Tesla Model 3 qualify for discounts?

Depending on the supplier, the Model 3 may be eligible for a variety of discounts. These reductions may help offset the high cost of electric car insurance and guarantee that you obtain the best deal possible. While conducting your study, enquire about the applicability of these safety savings.

  • New car discount
  • Anti-theft discount
  • Anti-lock brake discount

Reliability and safety ratings for the Tesla Model 3

Model 3 has not been subjected to National Highway Traffic Safety Administration accident testing. The Insurance Institute for Highway Safety, on the other hand, has conducted a few tests. The vehicle received a high grade for front collision prevention and an A for headlights.

Additionally, US News gave the 2018 Tesla Model 3 a 9-out-of-10 rating, placing it fourth in the Luxury Small Cars category. This rating is based on reliability statistics as well as a variety of safety and style elements. As of July 2018, there have been no Model 3 recalls.

The Model 3 is a marvel of efficiency. If you travel around 15,000 miles per year in cities and on highways, you may anticipate paying $500 per year for automobile charging. To put this in context, a 25-mile journey costs just 84 cents. The US Department of Energy estimates that you may save up to $5,250 in fuel expenditures over the course of five years when compared to the typical new car. In terms of range, the basic Model 3 can travel around 220 miles on a single charge under perfect conditions. If you use the extended-range battery, that number jumps to 310 miles.

Is roadside assistance included in my Tesla Model 3’s warranty?

Yes. Tesla provides 24-hour roadside support for the first four years or 50,000 miles on new vehicles covered by the limited warranty.

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Can I get my Model 3 repaired anywhere?

No. Tesla offers a nationwide network of authorized body shops, so your best chance is to locate one near you. The Tesla Body Repair Program team works closely with these businesses to ensure they adhere to the company’s strict repair requirements.

What is Insuring My Tesla?

Insure My Tesla is a dedicated auto insurance product for Tesla drivers. It is being underwritten by Liberty Mutual and is scheduled to launch in all 50 states later this year. When you purchase your Tesla, it will have comprehensive insurance from Liberty Mutual.

Bottom line

The Tesla Model 3 is a premium sports vehicle, and those are hardly the most affordable two descriptions on the market. It is often more expensive to insure, but you may qualify for discounts for safety features and defensive driving. Additionally, BMW’s warranty and maintenance program exceed industry standards.

Check out our review of Hyundai Kona Insurance Cost.

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